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Library  of  the 
University    of    North  Carolina 

Endowed  by  the  Dialectic  and  Philan- 
thropic Societies. 


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t«S"E- 


Digitized  by  the  Internet  Archive 

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http://www.archive.org/details/proceedingsofsto1852wilm 


[Executive  Document,  No.  5.] 

PROCEEDINGS 


OF  THE 


STOCKHOLDERS 


O  I?  T  II  E 


WIL.  <fc  RAL  RAILROAD  COMPANY. 


AT  THEIR 


SIXTEENTH  ANNUAL  MEETING. 


RALEIGH: 

SEATOII  GALES,  PSDJTEa  TO  1HE  LEGISIAT^EE 

1852 


To  the  Honorable  the  General  Assembly  of  the  Stale 
of  North   Carolina. 

I  herewith  transmit  the  proceedings  of  the  Stock- 
holders of  the  Wilmington  and  Raleigh  Rail  Eoad 

Company. 

DAVID  S.  REID. 
Executive  Office,  Oct.  29,  1852. 


PROCEEDINGS 

Of  the  Sixteenth  Annual  Meeting  of  the  Stockholders  of 
the  Wilmington  fy  Raleigh  Rail  Road  Company,  held 
at  Wilmington,  on  the  13th  day  of  November,  1851. 
Thursday,  10  o'clock,  A.  M. 

The  Stockholders  of  the  Wilmington  &  Raleigh  Rail 
Road  Company,  in  conformity  with  the  previous  resolution 
of  this  Company,  having  this  day  assembled  : 

On  motion  of  Gen.  Alex.  MacRae,  Rice  B.  Pierce,  Esq., 
of  the  County  of  Halifax,  was  appointed  Chairman,  and  W. 
A.  Wright  and  M.  London  were  appointed  Secretaries. 

On  motion  of  L.  H.  B.  Whitaker,  Esq. 

The  Secretaries  were  appointed  a  committee  to  examine 
Proxies,  and  ascertain  the  number  of  Shares  of  this  Compa- 
ny represented  at  this  meeting. 

The  Secretaries,  as  a  committee  to  ascertain  the  amount 
of  Stock  represented  at  this  meeting,  reported  that  10,927 
Shaves  were  represented,  of  which  5,797  were  represented 
by  the  holders  in  person,  and  5,130  by  proxy. 

Whereupon,  it  appearing  that  more  than  a  majority  of 
the  Shares  of  the  Capital  Stock  was  represented,  the  Chair- 
man declared  the  meeting  duly  organized  for  the  transac- 
tion of  business. 

Gen.  W.  W.  Harllee,  as  the  President  of  the  Wilmington 
&  Manchester  Rail  Road  Company,  appearing  as  the  repre- 
sentative of  the  Stock  of  this  Company  held  by  said  Wil- 
mington &  Manchester  Rail  Road  Company  : 

On  motion  of  A.  J.  DeRosset,  Jr.,  it  was 

Resolved,  That  this  meeting  recognize  Gen.  W.  W.  Har- 
llee, the  President  of  the  Wilmington  &  Manchester  Rail 
Road  Company,  as  the  proper  representative  of  the  Shares 
of  the  Capital  Stock  of  this  Company  held  by  said  Wilming- 
ton &  Manchester  Rail  Road  Company. 


On  motion  of  C.  C.  Battle,  Esq.,  the  following  resolution 
was  submitted. 

Resolved,  That  the  State's  proxy  is  only  entitled  to  rep- 
resent Four  Hundred  Thousand  Dollars  worth  of  the  Capi- 
tal Stock  ol  the  Company. 

After  an  extended  discussion  this  resolution  was  laid  on 
the  table. 

On  motion  of  Dr.  S.  P.  Suggs,  of  Edgecombe,  the  fol- 
lowing Preamble  and  Resolution  were  adopted  : 

Whereas,  The  State  of  North  Carolina  has  heretofore 
owned  two-fifths  of  the  Capital  Stock  of  this  Company,  and 
by  virtue  of  her  interest  in  the  same  has  exercised  the  right 
to  appoint  two-fifths  of  the  Directors  of  this  Company,  and 
the  right  to  cast  two  fifths  of  the  votes  given  at  the  general 
meetings  of  the  Stockholders  of  this  Company  :  And 
whereas,  the  State  has  parted  with  one -third  of  the  Stock 
heretofore  held  by  her  in  the  Company,  and  the  Act  of  the 
General  Assembly  authorizing  the  transfer  of  the  Stock  is 
silent  as  to  the  power  of  the  State  to  appoint  Directors, 
and  to  vote  at  the  general  meetings  of  the  Stockholders  of 
this  Company;  and  whereas,  the  State  yet  claims  the  right 
to  appoint  two  fifths  of  the  Directors  of  this  Company,  and 
the  representative  of  the  State  claims  the  right  to  give  two- 
fifths  of  the  whole  number  of  votes  given  at  the  meeting* 
against  which  claim  this  meeting  protests.     It  is  therefore 

Resolved,  That  the  next  General  Assembly  be  requested 
to  remedy  the  evils  so  existing,  by  limiting  the  power  of 
appointment  of  Directors  on  the  part  of  the  State,  and  the 
votes  of  the  representative  of  the  State  at  the  General  meet- 
ings of  the  Stockholders,  according  to  the  ratio  of  the  inter- 
est of  the  State  in  this  Company. 

The  annual  Report  of  the  President  and  Directors  of  the 
Company,  with  the  accompanying  documents,  was  then 
submitted  to  the  meeting. 

On  motion  of  Di\  S.  P.  Suggs, 

Resolved,  That  this  meeting  unanimously  approve  of  the 
action  of  the  President  and  Directors  of  this  Company,  de- 


claring  a  dividend  of  profits  of  three  per  cent.,  payable  to 
the  Stockholders. 

The  Report  of  the  Committee  appointed  at  last  meeting 
to  audit  the  accounts  of  the  Treasurer,  was  submitted  by- 
Col.  John  MacRae,  Chairman,  and  on  motion  of  Dr.  F.  J. 
Hill,  it  was  resolved  that  said  report    be  received. 

On  motion  of  Dr.  F.  J.  Hill,  the  meeting  proceeded  to 
the  election  of  President  and  six  Directors  of  this  Company, 
when  Gen.  Alex.  MacRae,  was  declared  duly  elected,  he 
having  received  6486  votes,  being  the  entire  vote  cast  by 
the  individual  Stockholders,  and  John  Campbell,  Esq  ,  hav- 
ing received  4324  votes  cast  by  the  Representative  of  the 
State. 

The  following  persons  were  elected  Directors  on  the  part 
of  the  individual  Stockholders  :  Edward  B.  Dudley,  Ed- 
ward P.  Hall,  Piatt  K.  Dickinson,  Gilbert  Potter,  A.  J.  De- 
Rosset,  Jr.,  and  Wm.  A.  Wright. 

The  meeting  then  adjourned  to  meet  at  9  o'clock  to-mcr- 
row  morning. 

Friuay  Morning,  9  o'clock,  A.  M. 

The  meeting  met  according  to  adjournment. 

Resolved;  That  all  matters  connected  with  the  declara- 
tion of  future  dividends  of  profits,  payable  to  the  Stockhol- 
ders, and  the  creation  of  a  sinking  fund  for  the  payment  of 
the  debt  of  this  Company,  be  referred  to  the  President  and 
Directors  of  this  Company. 

On  motion  of  W.  K.  Lane,  Esq..  Messrs.  John  MacRae, 
H.  Nutt,  and  M.  Ferral,  were  appointed  to  audit  the  accounts 
of  the  Treasurer,  for  the  coming  year. 

On  motion  of  W.  K.  Lane,  Esq. 

Resolved,  That  the  thanks  of  the  meeting  are  tendered 
to  the  Chairman  and  Secretaries,  for  their  respective  services. 

On  motion  of  Dr.  S.  A.  Andrews,  the  meeting  adjourned. 
RICE  B.  PIERCE,  Chairman. 

Wm.  A.  Wright.      )      a       '      ■ 

MT  >      secretaries. 

.  London,  ^ 


PRESIDENT'S  REPORT. 


The  President  and  Directors  of  the  Wilmington  and  Ra- 
leigh Railroad  Company  respectfully  submit  to  the  stock- 
holders their  sixteenth  annual  report,  showing  the  business 
of  the  Company  for  the  year  ending  the  30th  of  Septem- 
ber, 1851. 

The  receipts  have  been  as  follows,  namely  : 
From  through  passengers,  $195,509  68 

"     way  passengers,  75,350  01 

"     Steamboat  freight,  meals,  &c.  16,383  83 

"     Railroad  freights,  93,348  93 

"     Rents,  transportation  of  mail,  &c.  80,629  6l 

"     Sale  of  old  iron,  35,996  75 


$497,219  41 


EXPENDITURES. 

Transportation. — 
For  repairs  of  locomotives,  $14,130  06 

,{   cost  of  two  locomotives,  15,300  45 


<c   coaches  and  cars,  including 

cost  of  40  new  trucks,  21,447  20 

"  transportation,  including  sta- 
tion expenses,  57,905  83 


29,430  51 


108,783  54 


Road  Repairs. — 

For  pay  of  overseers,  hands,  &c.  26.855  28 

"   subsistence  and  clothing,  10,862  92 

"  cost  of  materials,  7,888  9S 


Steamboats. — 
For  repairs,  31,603  53 

*   Fuel,  25,307  07 

u   subsistence,  and  pay  of  officers 

and  hands,  65,706  58 


45,607  18 


122,617  18 
Office  expenses,  247  30 


277,255  20 


Difference  in  favor  of  receipts,  8219,964  21 

If  from  the  above  we  deduct  the  amount  of  sales  of  old 
iron,  $35,996  75,  it  leaves  a  balance  of  $183,967  46,  and 
if  from  this  we  take  interest  account,  $65,198  85,  it  gives 
us  the  nett  profits  for  the  year,  of  $118,76S  61. 

GENERAL  STATEMENT. 

Nett  profits  of  the  year,  as  above 
shown,  $118,768  61 

Sales  of  old  iron,  as  above,  35,996  75 

Cash  and  other  assets  on  hand  at 

the  commencm't  of  the  year,     123,485  68 


$278,251  04 
Increase  of  debt  in  purchase  of  iron,  25,114  40 


$303,365  53 


This  amount  has  been  disposed  as  follows  : 
For  re-construction  of  Road.  177,037  17 

40  bonds  redeemed,  and  in  hands  of  our  agents 
in  London,  Messrs.  Collman  &  Stolterfoht,         35,555  55 
Paid  to  Wilmington  and  Manchester  Road,  168  00 


s 


05  shares  of   Washington  and  New  Orleans  600  00 

Paid  for  our  own  stock  in  travel, 

Telegraph  Company  stock,  3,250  00 

Charged  profit  and  loss  account,  as  per  reso- 
lution of  stockholders  at  last  meeting,  951  61 

Cash  and  other  assets  on  hand,  85,903  20 


$303,365  53 

The  debt  of  the  Company,  on  the  30ih  of  September, 
amounted  to  $1,133,103  85 

for  the  details  of  which  we  refer  you  to  the  Treasurer's  ac- 
counts hereto  appended,  and  to  the  report  of  the  Commit- 
tee on  accounts,  which  is  also  appended. 

To  meet  this  amount  of  indebtedness,  the  Company  have, 
besides  the  income  irom  the  regular  business  of  the  Road, 
and  the  cash  and  other  assets  on  hand,  11,622  shares  of 
their  own   stock,   which,  at  par  value,  would  amount  to 

$1,162,200  00 
and  65    shares    of   Washington    and  New 

Orleans  Telegraph  stock,  at  $50  per  sh.  3,250  00 


$1,165,450  00 


a  sum  $32,346  15  greater  than  our  debt. 

As  to  the  disposition  of  this  surplus  stock,  the  auditing 
committee  have  made  a  recommendation  which  we  think 
should  claim  your  serious  consideration,  and  which  it  is  for 
you  to  dispose  of  as  you  may  deem  advisable. 

It  will  be  perceived  that  a  large  increase  in  the  amounts 
of  Steamboat  and  transportation  expenditures  has  occurred 
during  the  past  year.  Tnis  has  been  caused  by  the  neces- 
sity of  a  thorough  repair  to  the  Steamer  C.  Vanderbilt.  She 
has  been  rebuilt  from  her  keel  up  ;  her  machinery  renewed 
in  every  part  where  the  slightest  defect  has  been  discover- 
ed ;  and  she  is  now  a  new  boat  in  al!  but  her  name.  Also, 
to  meet  the  demands  for  transportation,  the  Board  deemed 
it  to  be  the  true  policy  to  obtain  a  sufficient  number  of  cars 
and  locomotives  to  do  the  business  of  the  road  promptly  ; 
and,  to  carry  into  effect  this  purpose,  two  first  class  loco- 


motives  and  about  forty  freight  cars  have  been  purchased 
and  paid  for  during  the  year,  adding  something  over  $50,- 
000  to  the  items  of  Steamboat  repairs  and  expenditures  for 
transportation. 

The  handsome  increase  on  receipts  from  Railroad  freights 
demonstrates  that  the  expenditures  in  this  department  were 
judiciously  made. 

Notwithstanding  the  most  persevering  exertions  on  the 
part  of  our  engineers  and  agents  of  transportation  to  for- 
ward the  freight  which  had  accumulated,  in  consequence 
of  the  destruction  of  Neuse  bridge  by  fire,  on  the  26th  of 
June,  it  was  found  to  be  extremely  difficult  to  do  so. 
These  unremitting  calls  upon  our  motive  power,  and  the 
liability  to  accident  to  one  or  more  of  our  locomotives,  in- 
duced the  board  to  order  one  additional  engine,  which  is  to 
be  delivered  in  April  next.  This,  together  with  one  which 
we  are  having  constructed  in  the  shops,  will  place  the  com- 
pany in  possession  of  ample  power  to  meet  the  demands  in 
this  department. 

We  take  pleasure  in  stating  that  our  company  has  never 
been  in  as  good  a  condition  to  carry  on  its  operations  as  at 
the  present  time,  the  road  being  well  stocked  with  locomo- 
tives, coaches  and  freight  cars,  all  in  excellent  order,  and 
our  Steamboats  in  like  good  condition,  with  the  exception 
of  the  Dudley,  which  will  require  repairs  this  year. 

In  our  report  to  you  at  your  last  annual  meeting,  the 
opinion  was  expressed  and  confidently  believed,  that,  before 
this  time,  we  should  have  completed  the  relaying  of  the 
road  with  the  heavy  iron  rail;  but,  owing  to  circumstan- 
ces we  could  not  control,  we  have  been  unable  to  fulfil  this 
promise.  We  have  lost  nearly  two  months  waiting  for 
iron,  and,  during  the  month  of  July,  we  could  not  lay  down 
rails,  owing  to  our  inability  to  transport  them  over  the 
Neuse.  We  have  yet  about  14  miles  to  relay,  the  iron  for 
which  is  daily  expected,  bills  of  lading  for  four  cargoes  hav- 
ing been  already  received. 


10 


We  had  hoped  at  this  meeting  to  present 'you  with  an  ac- 
count of  the  entire  expense  of  re  construction,  whereby 
you  might  see  the  whole  cost  of  the  road  to  date.  We  re- 
gret that  we  have  been  disappointed  in  this,  but  we  are  gra- 
tified in  sajing  that  our  anticipations  of  the  saving  in  ex- 
penses consequent  upon  the  re-construction  of  the  road,  in 
every  department  in  which  we  have  been  enabled  to  test 
them,  have  been  fully  realised1.. 

The  road,  so  far  as  it  has  been  relaid,  compares  favorably 
with  the  best  roads  in  our  country,  aad  instead  of  the  com- 
plaints and  denunciations  of  travellers,  which  have  been 
heaped  upon  us  for  years,  without  stint,  and  which  were  to 
seme  extent  deserved,  when  our  old  flat  bar  road  was  in 
use,,  we  hear  from  all  commendation  and  praise  for  the  ease 
and  speed  with  which  they  are  transported  over  our  line. 

During  the  year,  a  contract  was  made  to  embank  so  much 
of  the  truss  work  at  Rockfish  and  Neuse  river,  as  it  was 
deemed  safe  to  close  up.  The  embankment  on  the  south 
side  of  Rockfish  is  now  nearly  completed,  and  that  on  the 
north  side  in  a  stale  of  forwardness,  the  contractors  expect- 
ing to-  complete  it  by  the  middle  of  December,  when  they 
will  remove  their  force  to  the  Neuse. 

The  board  have  also  contracted  for  an  extension  of  the 
warehouse  in  Wilmington  ;  the  present  warehouse  being 
found  too  small  to  hold  the  goods  offered  for  transportation. 
This  extension,  it  is  expected,  will  be  finished  in  time  to  ac- 
commodate the  spring  business. 

The  board  were  induced  to  make  a  contract  with  the 
Washington  and  New  Orleans  Telegraph  Company  to  put 
up  the  posts,  &c.  for  a  line  of  telegraphic  wires  from  the 
junction  of  the  Petersburg  Railroad  to  Wilmington.  This 
work  has  been  done  on  favorable  terms  for  the  Telegraph 
Company,  and  at  but  little  expense  to  this  Company,  in 
consequence  of  our  having  on  hand  a  large  number  of 
wooden  rails  removed,  from  the  road,  to  be  replaced  by  the 
iron  rail.     This  work  has  been  paid  for  in  stock  of  the  Tel- 


11 


egraph  Company,  sixty-five  shares  at  fitly  dollars  per  share. 
We  find  the  telegraph  a  great  convenience,  as,  by  contract 
with  that  company,  we  are  entitled  to  the  use  of  the  line 
free  of  charge ;  and,  although  this  stock  should  pay  no  di- 
vidend, yet  this  company  will  be  fully  repaid  by  the  ad- 
vantages which  they  derive  from  its  use. 

After  deducting  amount  charged  for  sales  of  old  iron,  this 
and  last  year,  it  will  be  seen  that  the  receipts  of  the  present 
year  exceed  those  of  last  $39;222  74;  and  the  fact  that  the 
greater  portion  of  this  increase  is  derived  from  our  local 
business,  is  well  calculated  to  inspire  us  with  confidence 
in  the  progressive  improvement  and  permanent  stability  of 
the  investment  which  you  have  made  in  this  work  ;  for,  af- 
ter all,  it  is  to  the  locai  business  we  must  look  for  a  steady 
and  healthful  support. 

For  the  details  of  the  Steamboat  portion  of  the  line,  you 
are  referred  to  Col.  Miller's  report. 

Considering  the  exhibit  of  the  receipts  of  the  Company 
during  our  past  fiscal  year,  ending  September  30th,  the  in- 
crease during  the  early  part  of  October,  giving  flattering  as- 
surance of  our  prospects  for  the  futnre,  the  certainty  of  a 
considerable  reduction  of  our  expenses  hereafter,  and  the 
sound  and  healthy  condition  of  the  company  generally,  the 
board  have  been  induced  to  declare  a  dividend  of  profits  of 
three  dollars  on  the  share  to  the  stockholders. 

All  of  which  is  respectfully  submitted, 

ALEX.  MACRAE,  Pres't. 


STEAM  BOAT  AGENT'S  OFFICE,    ) 
November  6th,  185  L.  \ 

To  Gen.  Alex.  MacRae,  Pres't.  of  the  VV.  &  R.  R.  R.  Co. 

Sir :  A  great  desire  to  make  our  line  every  way  worthy 
of  public  confidence,  and  to  place  our  steamers  in  such  a 
situation  as  to  avoid  all  complaint  from  the  traveling  public, 
and  compete  successfully  with  other  Steamers  as  regards 
strength,  comfort  and  speed,  have  rendered  the  expenses  of 
this  Department  necessarily  large  for  the  last  year,  and 
though  large,  were  absolutely  indispensable  and  requisite. 

The  Steamer  C.  Vanderbilt,  since  our  last  meeting  of 
Stockholders,  has  undergone  an  extensive  and  thorough 
repairing.  She  has  been  completely  rebuilt  from  her  "keel 
up,"  and  being  newly  coppered,  planked,  fastened  and  bra- 
ced, with  a  new  and  substantial  boiler,  together  with  a 
greater  part  of  her  machinery  new,  renders  her,  in  fact,  a 
new  and  substantia]  Boat.  Since  she  has  taken  her  place 
on  the  "line."  she  has  performed  her  trips  with  regularity 
and  dispatch. 

The  Steamer  Gladiator  has,  likewise,  during  the  past  year, 
been  newly  coppered,  overhauled  and  painted,  and  has  well 
sustained  her  known  teputation  for  regularity  in  the  perfor- 
mance of  her  trips. 

The  Steamer  Wilmington  has  just  resumed  her  place  on 
the  line,  after  extensive  repairs  and  alterations,  and  I  have 
no  doubt  will  perform  good  and  efficient  service  for  some 
time. 

The  Steamer  Gov.  Dudley  has  been  withdrawn  from  the 
line,  and  will  undergo  extensive  repairs,  the  amount  of 
which  will  not  be  known  until  she  is  placed  upon  the 
u  ways,"  and  thoroughly  examined. 

Although  our  Steamers  have  encountered  very  severe 
and  boisterous  weather  during  the  past  year,  I  am  happy  to 
inform  you  that  no  accident  has  occurred  to  either  of  them, 
but  they  have  performed  their  trips  with  unparalleled  regu- 
larity ;  plainly  demonstrating  the  strength  of  our  Boats,  the 
qualifications  of  their  Commanders,  and  the  skill  of  their 
Engineers. 

All  of  which  is  respectfully  submitted, 

JAS.  T.  MILLER,  Steam  Boat  Agent. 


REPORT  OF  THE  AUDITING  COMMITTEE. 


The  Committee  appointed  at  the  last  Annual  Meeting  of 
Stockholders  for  the  purpose  of  Auditing  the  Accounts  of 
the  Company  for  the  year  ending  1st  October,  1851,  beg 
leave  to  report,  that  they  have  examined  the  books,  and 
compared  the  entries  with  vouchers  and  find  them  correct. 
The  result  of  the  operations  of  the  Company  tor  the  past 
year  is  as  follows  : 

Amount  received  from  through  travel  $196,509  6S 

"  "         "     way  "  75,350  61 

Amount  received  from  freight  on  Rail  Road  93,348  93 

"  "         "     freight,   meals,   &c.,  on 

Steam  Boats  16,383  83 

"  "         «     Transportation  of  Mails, 

Rents,  &c  ,  80,629  51 


expenses.  $481,222  66 

Cost  of  Transportation,  $108,783  54 

Rail  Road  Repairs,  45,607  18 

Expense  of  Steam  Boats,  122,617  18 

Office  Expenses,  247  30 

Interest  and  Exchange,  65,198  85  $342,454  07 


Net  profits,  $1 18,768  51 

We  find  the  total  liabilities  of  the  Company  on   the  1st 

October,  1851,   amounted  to  $1,133,055  15,   consisting  of 

the  following  items : 

English  Bonds  at  5  per  ct.,  $222,666  67 

Bonds  endorsed  by  the  State  of  North  Caroli- 
na, at  6  per  ct.,  250,000  00 

Amount  due  the  Literary  Board  of  N.  C,  85,000  00 


14 

Balance  due  on  30  shares  of  surrendered  stock, 


to  be  rode  out, 

986  13 

Due  on  Negro  bonds  for  the  year  1844, 

834  00 

u     "     do.         do. 

1845, 

165  48 

**     "     do.         do.           " 

1847, 

120  00 

u     "     do.         do.           " 

1848, 

150  00 

"     "     do.         do.          " 

1849, 

460  00 

"     «     do.         do.          " 

1850, 

3,537  00 

"     ««     do,         do.          u 

1851, 

21,096  37 

Mortgage  Bonds  (new  issue,) 

for  the  purchase  of  iron, 

$520,000  00 

Less  for  Bonds  not 

issued  in  Bank 

of  Cape  Fear,      $94,222  22 

And  in  the  hands 

of  Collmann  & 

Stolterfoht,             35,555  55 

$129,777  77 

$390,222  23 

Bonds  to  United  States  for  "duties 

i  on  iron,  pay- 

able  in  Mail  service, 

54,062  35 

Bills  payable, 

66,584  82 

Bills  payable,  {special) 

23,500  00 

Due  on  pay  rolls, 

8,875  53 

Due  suniry  individuals, 

4,843  27 

#1,133,103  85 
The  following  exhibits  the  condition  of  the  Company's 
affairs  on  the  first  October,  1851  : 

Debt  of  the  Company,  $1,133,103  85 

Capital  Stock  paid  in,  1,338,353  08 

Balance  of  profits  from  commencement  of 
operations  to  1st  Oct,  1851,  after  paying 
interest  of  debt,  388,566  22 


$2,860,023  15 
Cost  of  constructing  and  re- 
constructing   Road,    Real 
Estate,  &c.,  $2,761'6Q1  95 


15 


30  shares  of  Company's  stocks,  3,000  00 

Due  on  stock  forfeited,  950  00 

Paid  on  subscription  to  Man- 
chester Road,  5.318  00 
Paid  on  W.  &  N.  O.  Telegraph 

Stock,  3,250  00 

Due  for  Mail  service,  18,761  49 

"     "     Bills  receivable,  13,005  48 

"     "     by  Individuals,  17,69G  86 

"     "     Agents,  6,4S6  36 

Counterfeit  money,       $75  44 
Cash  on  hand,  29,S77  57  29,953  01 

$2,860,023  15 

We  find  on  examination,  that  there  is  still  due  on  291 
Shares  of  the  Capital  Stock,  subscribed  for  by  individuals, 
$17,096  92. 

We  would  recommend  that  the  parties  be  notified  to  come 
forward  and  pay  the  balance  due  with  interest ;  failing  to 
do  so  within  a  reasonable  time,  that  said  stock  be  adver- 
tised and  sold. 

We  likewise  find  a  number  of  open  accounts  of  long 
standing  upon  the  books  of  the  Company,  which  we  re- 
commend to  he  closed. 

We  further  recommend  that  pay  rolls  be  opened  on  the 
first  of  every  month7  or  quarter,  and  kept  in  the  Treasu- 
rer's office  for  each  department ;  that  the  names  of  all  oper- 
atives in  the  employ  of  the  company,  or  who  shall  be  em- 
ployed during  that  month  or  quarter,  (except  those  for  whom 
annual  bonds  have  been  given,)  shall  be  entered  upon  the 
roll  of  the  department  in  which  he  has  been  employed,  with 
the  time  and  amount  due  him  :  which,  when  paid,  he  shall 
receipt  for  on  the  roll ;  and  that,  at  the  close  of  the  year's 
operations,  the  various  rolls  shall  be  permanently  closed  by 
the  clerk,  who  shall  transfer  all  amounts  remaining  unpaid 
at  that  time,  to  a  separate  roll  entitled  "  a  transfer  roll,"  so 
that  there  may  be  exhibited  at  ore  view  the  amounts  due 
on  pay  rolls  for  the  past  year. 


16 


Your  committee  would  respectfully  recommend,  that,  in 
future,  a  dividend,  equal  to  the  net  profits- of  the  company, 
after  paying  interest,  be  declared  ;  one-half  payable  to  the 
stockholders  in  cash,  the  remaining  half  payable  in  scrip  of 
the  company — redeemable  in  stock  at  par  value  ;  and  the 
amount  so  reserved  in  lieu  of  scrip  issued,  shall  be  applied 
to  the  liquidation  of  the  company's  debts. 
All  which  is  respectfully  submitted, 

JOHN  MCRAE,  Sr. 

WM.  FERRAL,  {.Committee. 

HENRY  NUTT, 


} 


ANNUAL    ABSTRACT, 

Showing  the  Receipts  aud  Expenditures  of  Railroad  and   Steamboats:    also,  the   Number  of  Through  and  Way  Passengers,  Freight  and  Mail,  for  the  year  ending  30th  September,  1S51. 


lWosm. 

«,, 

Amount  Way 

ttftsrj-ass- 

„ 

Tatm. 



— ^mu 

"*JZL^ 

Kepuiw  Conclics       Trfttispirtsit  inn 
Depot  ExpoDto&i 

•Mir.. 

„„„,,„,, 

TWash, 

1      ori&. 

'"""""'■  """ 

total. 

s^ssF' 

s^*-™. 

■"■"H   M"' 

Norm. 

South. 

1W  I'MlCTg™ 

October, 
November, 
December, 
4anuary, 

February, 

March, 

April, 

May, 

June, 

July, 

August, 

September, 

413(10 

459.50 
542.50 
7811.50 

1,325.50 
911.50 
855.00 

1,085.00 
932.50 

1,303.50 

1,272.50 
055.50 

1.769  01 

1,147.0( 
946. 5u 
963.0( 
979  00 

1,202.00 
439.00 
447.50 
314.00 
314  00 
741.50 

2,039.00 

19,898  14 
14,525  20 
13.S39  00 
15.807  SO 
20,439  00 
19,315  80 
11,527  10 
13,491  50 
11,033  4( 
14,141  00 
17,619  28 
23,872  40 

2,066 
2,920 
3,746 
4,198 
3,277 
3,325 
2,698 
2  928 
2.544 
3,501 
3,401 
3,496 

5,S96  25 
6,391  72 
7S63  78 
9,504  24 
6.447  "0 
6.012  11 
4S74  ^3 
5  394  52 
4.577   rjS 
6.145  34 
5.514  "y 
6,107  55 

1.159  16]  S,142  13 
1,1.21  73  7,561  70 
1,297  IS!  6,719  76 
1,101  30  6,318  40 
1,456  451  7,163  28 
1,542  82!      7,277  78 

940  73  9  068  IS 
1,186   06^      7.807  07 

950  91  5.087  41 
1,352  89  5,050  58 
1409  20  10,941  97 
2,965  34     12,210  65 

2.678  OOj  37,773  70 
1,638  56:    31  138  91 

21.3S9  00,    51,103  72 

2,308  00;    35  129  SO 

35,500  43 

21,566  31!  55,714  82 
4,847  69i  31,258  33 
1,537  00;    29,416  15 

2S.6S8  751  50,338  45 
7,891  00  34,580  SI 
3,124  00;    38,639  24 

20,958  05     66,614  05 

353  04 

2,449  12 

5,055  56 

817  55 

449  71 

325  07 

1,288  57 

1.793  22 

12,513  30 

022  63 

5,63s  76 

3.56S  62 
1.5S5  62 
1,433  00 
3,142  24 

828  69 
3,164  50 

538  37 

874  12 
3,041  00 
3,436  12 

864  75 
2,830  04 

6,564  67 
3,95S  97 
4,653  23 
5,012  95 
7,388  68 
3,810  70 
3,992  6S 
5,971  00 
4,219  99 
3.9S2  54 
5,246  69 
10,904  48 

10.486  33 
5,544  59 
S.535  35 

13,210  75 
9,034  92 
7,424  91 
4,856  12 
8,133  69 
9,054  21 

19,931  96 
7,1134  07 

19,370  28 

1,053  62 
1,115  2s 

797  53 
1376  23 

040  IS 
1,350  4S 
8.S57  97 
1,092  22 
8,521  25 
1  035  75 

967  63 
2,322  33 

535  35I      4,594  53 

292  OS      6,147  28 

294  45      5,793  74 

9,256  42      3,564  57 

866  IS      3,218  80 

1.168  14      5.771  03 

2,513  75      2  926  96 

3,383  79      4,594  61 

888  60      4,603  33 

589  83      4,392  10 

634  06       3732  61 

1,023  95      8,560  27 

6.1S3  50 
7.655  24 
6,835  74 

14,197  22 
5,025  16 
8,889  65 

14  29S  70 
9,070  62 

14.013  18 
6,017  6a 
5  334  31 

11,912  55 

213  04 

2,257  92 

249  02 

3,103  33 

298  08 

243  18 

2.947  58 

10:i  00 

02  s5 

17.37S  28 

746  89 

306  15 
1,268  65 
1.032  21 
1,086  77 

841  79 

81  82 

1,801  83 

1,222  39 

419  98 
1,319  97 

740  47 

1)089  73J      1,830  02 
545  87       1,065  06 
134  43      3,660  69 
809  66       2,090  89 
1,060  SI        2,147  58 
2  293  0f!|      6,238  IS 
543  451        923  35 
129  17      2.176  18 
239  75       4,409  72 
140  36         660  34 
520  38       1 903  20 
382  62     18,501  37 

8  09 

24  75 
12  02 
16  18 

10  37 

11  77 
41  6C 

122  or. 

1S,50S  54 
14,164  89 
19,106  53 
20,510  88 
16,224  46 
21,952  74 
20.0S8  54 
19,380  49 
27,477  11 
26,621  75 
14,313  07 
49,906  20 

10,547.50 

11,361. 5o!  195,509  esl          39,085!    75.350  6  ll     16.383  831    93.34s  93!  116,626  36l  497.219  41 

31,603  53 

25.307  07 

65,706  58 

122,617  18 

29,430  51 

21,447  20,'    57  905  S3(  108,783  5< 

26,855  2S 

10.S62  92 

7,SSs  OS     4S,6ll7    IS 

247  31 

277,255  20 

ANNUAL     COMPARATIVE     ABSTRACT. 


t  Si 

a        t  n  ,     dl 

,                                                    H»p,„.|,t„r,M  Bet.. 

hj|.eii.litur..'r>  1r.m-|...rt  .11..11                                                                                                                 \l,„l.l    u,.,,„,r!,. 

■=- ■ 

»•«• 

ftoiii, ' aSSSi — 

«  ay. 

B*w" 

toatFrcisht, 

Freight,         j        M»l,8< ic- 

Total. 

"■"'""■ 

Wood. 

Sub»i.t™,o.r,a 

Total. 

"          1                         I'"--!— 

Total.               ^vp^.  .?|Bnm|S  1  Sttl^^l.-rtr,.  ,,,„) 

«"*«w*fc 

Total. 

OfBco  ExpanMfl.        Grand  Total. 

North. 

Soutl. 

1W    taoogor.. 

Hand.. 

I 

1847. 

6,401.50 

6,071.25 

140,959  25 

25,396  50 

53,481  62 

11,068  37 

48,761  52     74,209  44'  331,480  20 

32,093  111    30,104  76 

46,719  41 

118,917  28 

11,235  77 

9,160  40    37.546  69 

57,942  86 

28,787  92      7,740  32 

44,050  29 

82,479  03 

573  43  259,912  69 

1848. 

5,517,25 

6,938  37 

113,078  22 

28,327  00 

53,092  04 

12,466  63 

51,534  51     87,288  10  317,459  50 

8,413  41     28,648  14 

60,012  39 

98,073  94 

13.5S0  57 

18,954  39    43,337  17 

76,872  la 

25,800  52      8.029  61 

67,341  99 

101,172  11 

210  68  275,328  86 

1849. 

5,677.75 

5,529.25 

108  952  96 

27,575  00 

50,173  98      9.216  06 

57,014  81     85,029  16  310,397  0C 

23,513  67    22.5S3  01 

51,210  99 

97,805  57 

20,663  93 

11,373  00!    40.249  27 

72  2S6  2C 

27,130  66      6,592  86 

42,191  25 

75,014  70 

191  91   245,698  52 

1850. 

11,277.0C 

10,448.50  193,706  67 

31,806  00 

02.382  62     14,229  76 

71051   26     80  954  Sl|  42i,325  12 

12,838  96    27,586  82 

63,106  36 

103,532  16 

20,740  71 

19,587  81     48,688  51 

99,017  OS 

25,112  24    10,124  90 

36,736  69 

71,973  92 

241  42  274,764  53 

1851. 

10,547.50 

11,361.50]  195,509  68 

30,085  00 

75,350  61!    16,383  83 

93,348  9a!  116,620  36  497,219  41 

31,603  53!    25,307  07 

65,706  5S 

122,617  18 

29,430  51  i   21,447  20;    57,905  83 1  108,783  54 

26.855  28|   10,862  92      7,888  98    45.607  18 

247  30  277,255  20 

STATEM   ENT 

Of  the  Affairs  of  the  Wilmington  and  Raleigh  Railroad  Company,  from  the  cor, 


mencement  of  the  Worh  to  the  30th  September.  1851 . 


EXHIBIT 

Of  the  Business  of  the  Company  for  the  year  t 


iding  30th  September,  1851. 


Cost  of  Road  nnd  Steam  Packets, 

Do.    Ileal  Estate, 
Stock  forfeited.    Amount  due, 

Do.  purchased,  payable  in  travel, 
Mortgage  Bonds  in  the  hands  of  Coleman  &  Stolterfoht.  35,555  5? 

Do.  do      on  deposite  in  Bank  of  Cape  Fear,  94,222  2i 

Cost  of  Iron  Kails,  including  freight,  duties,  &c. 

Do.     reconstructing  road,  labor,  materials,  &c, 
Amount  paid  Wilmington  &  Manchester   Railroad  Company  on  account  sub 

scription  to  capital  stock, 
Amount  ot  Washington  &  New  Orleans  Telegraph  Company's  Stock'purchased 

paid  lor  in  labor, 
Amount  of  Bills  receivable, 
Amount  due  from  Post  Office  Department, 
Amount  due  from  Agents, 
Amount  due  from  sundry  individuals, 
Amount  of  counterfeit  money  on  hand, 
Amount  of  cash  on  hand, 


i,052,569 

22.4S2 

950 

3,000 


129,977 
593,850 
92,698 


3,250  1 
13,005  1 
18,761  . 

6.486 
17,696 


$2,989,800  92 


Hint  received  for  stock  subscribed, 
Mortgage  Bonds,  payable  in  London, 
Bonds  payable  in  London, 
Bonds  endorsed  by  Stale  of  North  Carolina, 
Bonds  payable  Literary  Fund  North  Carolina, 
Bonds  payable  to  United  States,  for  duties  on  iron, 
Bills  payable  special,  for  freight  and  duties  on  iron, 
Bills  payable  at  Bank  and  to  individvals, 
Amount  due  on  company's  stock  purchased, 
Amount  due  on  pay  rolls, 
Amount  due  to  sundry  individuals, 
Amount  due  on  negro  bonds,  for  the  year  1S44, 
Amount  due  011  negro  bonds, 
Amount  due  on  negro  bonds, 
Amount  due  on  negro  bonds, 
Amount  due  on  negro  bonds, 
Amount  due  on  negro  bonds, 
Amount  due  on  negro  bonds, 

Profit  and  loss  account, 


do 

1845, 

do 

1847, 

do 

1848, 

do 

1849, 

do 

1850, 

do 

1851, 

.$1,338,353 
520,000 
222,666 

bo.uuu  ' 
54,062  J 
23,500  ( 
66,584  1 
986  I 
8,875  ■ 
4,843  : 


08,lCash  on  hand  October  1st.  1850, 
00  Bills  receivable, 
67]  Due  by  agents, 

une  oy  J'ost  Office  Department, 

Bonds  in  hands  of  Collman  &  Stolterfoht  to  pay  for  iron 

Amount  received  for  uncurrent  money  exchanged  this  year, 

Profits  of  road  and  boats, 

Cost  of  road  and  property  increased  this  amount, 


26,362 
388,566 


«2,989,800  92 


Paid  interest  and  premium  on  exchange  this  year, 
Paid  on  account  iron,  the  bonds  in  the  hands  of  Colin 


1  tfc  Stolterfoht,  October 
1st,  1850, 


Paid  on  account  iron  from  other  sources,  this  amount, 
Paid  on  account  of  reconstructing  road, 
Paid  Wilmington  and  Manchester  Railroad  Company, 
Company's  stock  purchased,  five  shares, 
Washington  and  New  Orleans  Telegraph  Company's  stock,  purchased  and  paid 

[for  in  work, 
Charged  profit  and  loss  account  with  this  amount, 

Company's  mortgage  bonds  redeemed,  now  in  the  hands  of  Collman  &.  Stolter- 

|foht, 
Amount  due  from  Post  Office  Department, 
Amount  due  from  agents, 
Amount  due  from  individuals, 
Amount,  due  from  bills  receivable, 
Counterfeit  money  taken  this  year, 
Cash  on  hand  30th  September,  1851, 


*  27,065  85 

253  00 

4,260  96 

2,453  IB 

18,750  00 

70,222  22 

480  50 

219,064  21 

25,114  49 


70,222  22 

66,403  95 

40,411  00 

168  00 

500  00 


35,555 
18,761  49 
6,486  36 
17,696  86 
13,005  48 
75  44 
29,877  57 


:s:j6x,561  38|*368,564  38 


Wilmington,  N.  C,  30th  September,  185 


JAMES  S.  GREEN,  Treasurer. 


UNIVERSITY  OF  N.C.  AT  CHAPEL  HILL 


00042072041 


FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 


